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OncoMax presented its research at the 5th European Multidisciplinary Meeting for Urological Cancer (EMUC), which was held on 15-17 November 2013 in Marseille, France. Dr. Ilya Tsimafeyeu, a scientific advisor of OncoMax, has received a special award for the best research “FIRST PRIZE” for his study "FGF- and VEGF-dependent angiogenesis and its targeting".

OncoMax presented its research at the 5th European Multidisciplinary Meeting for Urological Cancer (EMUC), which was held on 15-17 November 2013 in Marseille, France. Dr. Ilya Tsimafeyeu, a scientific advisor of OncoMax, has received a special award for the best research “FIRST PRIZE” for his study "FGF- and VEGF-dependent angiogenesis and its targeting".

The main activity of OncoMax, financed with by Maxwell Biotech Venture Fund, set up with the participation of RVC OJSC and RVC Seed Fund, is directed at development and bringing innovative biopharmaceutical medicines for diagnostics and treatment of oncological diseases to the international market.

The research has showed that bevacizumab and sunitinib - standard targeted therapy for the kidney cancer treatment - inhibit VEGF-induced angiogenesis but not FGF-induced angiogenesis. The active FGF-pathway leads to resistance development and tumor progression. Importantly, the research also has proved that FGF-induced angiogenesis can be blocked by OM-RCA-01 – monoclonal antibody to FGF-receprtor.

This elegant study has a great practical importance and answers the question how to overcome drug resistance in kidney cancer therapy,” – emphasized co-chairman of the Organizing Comittee Dr. Martin Spahn during the award presentation.

EMUC is an annual meeting organized by three European medical societies – the European Society for Medical Oncology (ESMO), the European Association of Urology (EAU) and the European Society for Radiotherapy and European Society for Radiotherapy and Oncology (ESTRO). The participants of this event are experts, clinical researchers and other professionals in the treatment of kidney cancer, bladder cancer and prostate cancer.

“We are pleased that the original Russian drug has been properly evaluated by the Organizing Committee of the EMUC-2013, one of the most significant events for the researches in the field of urological tumors, Ilya Tsimafeyeu mentioned, - We are planning to start the clinical study of OM-RCA-01 in the near future. The successful accomplishment of the clinical development program will enable us to bring a unique targeted anticancer drug that can improve the quality of patients’ life to international market.

The important research conducted by OncoMax has been supported by OncoMax investors – Maxwell Biotech Venture Fund, set up with the participation of RVC OJSC, and RVC Seed Fund.

The 2013 Prix Galien Russia ceremony will take place in Moscow on the 24th of October. A jury of eminent specialists involved in the sphere of Russian and international pharmaceutical research will announce the laureates in three categories: Best Research in Russia, Best Pharmaceutical Agent and Best Biopharmaceutical Product.

The 2013 Prix Galien Russia ceremony will take place in Moscow on the 24th of October. A jury of eminent specialists involved in the sphere of Russian and international pharmaceutical research will announce the laureates in three categories: Best Research in Russia, Best Pharmaceutical Agent and Best Biopharmaceutical Product.

Laureates of three categories will be announced in the presence of the selection committee and influential industry guests. Amongst the prominent figures attending the ceremony are H.E. Veronika Skvortsova, Minister of Health of Russia and H.E. Jean de Gliniasty, Ambassador of France to the Russian Federation.

Oncomax and Metamax are Prix Galien Russia 2013 Nominees for “Best Research in Russia”. Metamax has submitted to Jury’s approval its developed drug MM-D37K for the treatment of colorectal and other gastrointestinal cancer, Oncomax - OM-RCA-01 for treatment of renal cell carcinoma.

The Prix Galien Award is considered the biomedical industry’s highest accolade and recognizes the technical, scientific and clinical research skills necessary to develop innovative medicines.

OncoMax, Ltd. (“OncoMax”), a portfolio company of Russia-based Maxwell Biotech Venture Fund founded with the participation of Russian Venture Company announced today that it will be presenting the results of development of its lead product OM-RCA-01 at 4 major upcoming conferences on oncology.

OncoMax, Ltd. (“OncoMax”), a portfolio company of Russia-based Maxwell Biotech Venture Fund founded with the participation of Russian Venture Company announced today that it will be presenting the results of development of its lead product OM-RCA-01 at 4 major upcoming conferences on oncology.

The Director of Kidney Cancer Research Bureau and Chief Scientific Advisor of OncoMax Ilya Tsimafeyeu, M.D. will present the results of the drug development at the 8th Russian Congress of Oncologists “21st century Oncology – from the scientific researches to the clinical practice” (September 11-13, St. Petersburg), the European Cancer Congress ECCO-ESMO-ESTRO ( 27 September – 1 October, Amsterdam), the 17th Russian National Cancer Congress 2013 (November 12-14, Moscow), the European Multidisciplinary Meeting on Urological Cancers (November 15-17, Marseille).

Based on the results of the efficacy studies of the OM-RCA-01, monoclonal humanized antibody intended for the renal cell carcinoma treatment, Dr. Tsimafeyeu will present the latest achievements in the inhibition of the tumor angiogenesis.

The previous in vitro and in vivo studies have shown that the monoclonal humanized antibody OM-RCA-01 inhibits the cell proliferation and growth of the kidney cancer. It is very important to evaluate the effect of the drug on the other tumor component – angiogenesis i.e. the appearance of the vessels nourishing a tumor. The last study has proved that the OM-RCA-01 has antiangiogenic activity.

The drug can be prescribed both as first-line treatment and in case of inefficiency of other types of therapy in the second and subsequent lines.

The perspective of the medicine contributes not only to the proliferation of its information in the scientific community but also to the active development of the company’s patent portfolio which has recently been added by the U.S. patent (US 8487083 July 16, 201) on the invention referring to a monoclonal antibody specific to fibroblast growth factor receptor (FGFR1).

Biotechnological company OncoMax, Ltd has increased the commercial value of its patent portfolio due to the U.S. patent (US 8487083 July 16, 2013). The document proves originality and innovation of the developed medicine OM-RCA-01, a monoclonal antibody specific to fibroblast growth factor receptor (FGFR1) and to antiboby’s conjugat with cytotixic components. The drug is intended for a targeted therapy of the oncological diseases. OncoMax is the first project jointly invested by Maxwell Biotech Venture Fund and RVC Seed Fund.

Biotechnological company OncoMax, Ltd has increased the commercial value of its patent portfolio due to the U.S. patent (US 8487083 July 16, 2013). The document proves originality and innovation of the developed medicine OM-RCA-01, a monoclonal antibody specific to fibroblast growth factor receptor (FGFR1) and to antiboby’s conjugat with cytotixic components. The drug is intended for a targeted therapy of the oncological diseases. OncoMax is the first project jointly invested by Maxwell Biotech Venture Fund and RVC Seed Fund.

OncoMax is a Russian private biotechnological company founded in 2010 with the goal of developing and launching new diagnostic and therapeutic anti-cancer agents. Drug development is the main but not the only focus of the company. OncoMax’s current aim is an intellectual property defense both on Russian and global markets. "The development strategy of the product includes the territorial evolution of its legal protection. In this case the U.S. patent gives the company OncoMax a significant advantage in commercialization to the global market, Elina Zaveleva said, CEO of OncoMax".

Besides the U.S. patent the company has patents acting on the Russian territory and the countries of the Eurasian Patent Convention. The documents confirm the company exclusive rights related to the technology of product development, i.e. the way the fibroblast growth factor receptor is blocked in order to inhibit the tumour growth.

The company patent portfolio confirms the novelty of the pharmaceuticals OM-RCA-01 which purposefully blocks a specific target on a tumour cell, thus affecting the mechanisms of tumor development and resistance. The drug can be prescribed both as first-line treatment and in case of inefficiency of other types of therapy in the second and subsequent lines.

About Maxwell Biotech Group

Maxwell Biotech Group (MBG) is a development partner and financial resource for innovative biotechnology companies. MBG provides investment capital and access to an established infrastructure for conducting high-quality clinical trials in Russia, and helps enable the rapid and cost-effective achievement of clinical objectives. Our unique business model can add value to our partners’ pipelines and provide a commercialization path to one of the most lucrative emerging markets. MBG relies on an experienced international team of managers and financial and industry experts. The Group includes 10 innovative biotechnological projects, developing in the portfolio companies: OncoMax, Photonics, MetaMax, Infectex, NeuroMax, CardioNova, Hepatera, Osteros Biomedica, Eleventa. All the group’s companies are the residents of the Biomed Cluster at Skolkovo Innovation Center and 5 of them are members of the Technology Platform “The Medicine of the Future”.

RVC is a government fund of funds and a development institute of the Russian Federation, one of Russia's key tools in building its own national innovation system.

RVC was established by Russian Government on June 7, 2006 (Order No. 838-r). Its mission is to encourage Russia’s own VC industry and boost capital of VC funds. RVC’s role is that of a government fund of venture capital funds channeling public incentives to venture capital and financial support to the hi-tech sector, and of a Russian VC industry development institution.

From 13 to 15 November 2012, the World Trade Center, Moscow, will host the XVI Russian Cancer Congress featuring expositions of the largest pharmaceutical and biotechnology companies in the Russian cancer market.

From 13 to 15 November 2012, the World Trade Center, Moscow, will host the XVI Russian Cancer Congress featuring expositions of the largest pharmaceutical and biotechnology companies in the Russian cancer market.

The company representatives (OncoMax, Metamax and Osteros Biomedica) will be able to provide professional details on the pipeline agents, including mechanisms of action and prospective advantages at the booth of Maxwell Biotech Group in the Congress Hall of the World Trade Center, Moscow.

Preclinical efficacy study results for the first Russian humanised monoclonal antibody OM-RCA-01, indicated for treatment of renal cell carcinoma, were presented at the New Technologies session of the Congress of the American Society of Clinical Oncology (ASCO) at the beginning of June in Chicago. This antibody is being developed by OncoMax, a Skolkovo resident with investments from Maxwell Biotech Venture Fund, founded with the participation of RVC OJSC and RVC Seed Fund.

Preclinical efficacy study results for the first Russian humanised monoclonal antibody OM-RCA-01, indicated for treatment of renal cell carcinoma, were presented at the New Technologies session of the Congress of the American Society of Clinical Oncology (ASCO) at the beginning of June in Chicago. This antibody is being developed by OncoMax, a Skolkovo resident with investments from Maxwell Biotech Venture Fund, founded with the participation of RVC OJSC and RVC Seed Fund.

ASCO Congress is the world largest event on clinical oncology which annually gathers more than 30 thousand specialists interested in the latest achievements in the field of cancer treatment. In his report the Chief Scientific Adviser of OncoMax, Dr. I.V. Tsimafeyeu, voiced the results of preclinical efficacy and safety studies of the developed medicine OM-RCA-01, these results were also presented at the 27th Annual Congress of the European Association of Urology (Paris, February 2012) and at the Annual Congress of the American Association for Cancer Research (AACR) 2012 (Chicago, April 2012).

“The interest to targeted medicines for cancer treatment is very high, thus the results of OM-RCA-01 development presented at the congress have received the most positive responses. Clinical oncologists specializing on renal cancer are interested in the introduction of this new medicine on the market as soon as possible”, Dr. I.V. Tsimafeyeu commented his participation in the Congress.

The second annual awarding ceremony of Investor Awards 2012 winners took place on May 23 in Moscow after the end of the forum Invest in Russia. The investment round in the innovative biotechnological company OncoMax, that received investments from Maxwell Biotech Venture Fund, founded with the participation of RVC OJSC and RVC Seed Fund, was acknowledged the best transaction in Direct and Venture Capital Investments.

The second annual awarding ceremony of Investor Awards 2012 winners took place on May 23 in Moscow after the end of the forum Invest in Russia. The investment round in the innovative biotechnological company OncoMax, that received investments from Maxwell Biotech Venture Fund, founded with the participation of RVC OJSC and RVC Seed Fund, was acknowledged the best transaction in Direct and Venture Capital Investments.

In 2011 OncoMax successfully finished the development and preclinical efficacy study of the targeted medicine OM-RCA-01 for renal cancer treatment and presented the received results at the most significant scientific oncological conferences. Additionally last year the company was included in the number of residents of the Biomedical Cluster of Skolkovo Innovation Center, received a grant from the Fund in the amount of 30 mln. rubles and the second round of venture investment from Maxwell Biotech Venture Fund and RVC Seed Fund, and became the nominee of Health Foresight Award as the best R&D company of 2011.

The results of the company work were highly appreciated by the award panel of Investor Awards 2012, and, despite serious competition with other nominees, they made it possible for the company to take the first place.

Dmitry Popov, managing partner of Maxwell Biotech Venture Fund said: “OncoMax winning the nomination , on the one hand, demonstrates interest of the investment community in technological start-ups development and, on the other hand, confirms the company’s achievements in 2011 and advances its future success”.

“OncoMax is our first common project with Maxwell Biotech Venture Fund, and, according to the experience, this is a successful transaction which has been appreciated not only by the specialists of the two funds, but by the investment society in general”, said Alexey Teleshev, Director of RVC Seed Fund. “OncoMax getting a prize at the Investor Awards 2012 is an additional incentive for development of new interesting projects both for the funds, and for the company itself”.

“We are glad to realize that in the majority of cases we see the examples of joint capital investments from different funds and positive appreciation from the professional association in the Russian venture business”, noticed Mikhail Tsygankov, Chief Investment Portfolio Officer of RVC OJSC. “This confirms gradual transition of venture ecosystem in a more mature phase, when capital providers appreciate not only the amounts of investments into projects, but they also seek for and find partners, synergistic cooperation with whom can offer something more than simply funding to the project. I’m happy that such synergy was been achieved between RVC portfolio funds in the situation with OncoMax”.

The meeting of the Skolkovo Fund Board with the participation of the President of the Russian Federation Dmitry Medvedev took place in Bauman Moscow State Technical University on April 25. As part of the events confined to the meeting there was an exhibition of flagship projects of Skolkovo Foundation, including OncoMax that presented its project on the development and introduction to the market of the innovative drug OM-RCA-01 for treatment of kidney cancer.

The meeting of the Skolkovo Fund Board with the participation of the President of the Russian Federation Dmitry Medvedev took place in Bauman Moscow State Technical University on April 25. As part of the events confined to the meeting there was an exhibition of flagship projects of Skolkovo Foundation, including OncoMax that presented its project on the development and introduction to the market of the innovative drug OM-RCA-01 for treatment of kidney cancer.

At the exhibition the Chief Scientific Adviser of the company, Dr. Ilya Tsimafeyeu, submitted the latest achievements and perspectives in project development to the following Board members: Elvira Nabiullina, Minister of Economic Development of the Russian Federation, Igor Agamirzyan, CEO and Chairman of the Board of Directors of RVC OJSC, and Anatoly Chubais, Chairman of the Board of Directors of ROSNANO OJSC . All of them carefully studied the submitted results of OncoMax activity and demonstrated interest in the development of the project based on the discovery of Russian scientists which has been already recognized by the global scientific community.

OncoMax, financed by Maxwell Biotech Venture Fund, set up with the participation of RVC OJSC and RVC Seed Fund, presented the results of its studies in the sphere of oncology at the Annual Congress of the American Association for Cancer Research (AACR), held in Chicago on April 1–4, 2012.

OncoMax, financed by Maxwell Biotech Venture Fund, set up with the participation of RVC OJSC and RVC Seed Fund, presented the results of its studies in the sphere of oncology at the Annual Congress of the American Association for Cancer Research (AACR), held in Chicago on April 1–4, 2012.

Considering the results of the studies of the efficacy of OncoMax’s OM-RCA-01 drug, a monoclonal antibody, intended for the therapy and diagnostics of the renal cell carcinoma, chief scientific advisor of the company doctor I.V. Tsimafeyeu in his poster report released the latest achievements in the inhibition of the growth of the cancer tumour in the kidney tissues by blocking fibroblast growth factor receptor (FGFR1).

The Annual Congress of AACR is one of the most important events for fundamental researchers in oncology, that attracts several thousands of representatives of research institutes, biotechnological companies and leading pharmaceutical producers representatives from all over the world. At the poster session, OncoMax project and its success in the development of OM-RCA-01 drug sparked the interest of the world’s largest pharmaceutical companies — Merck, Bayer, Imclone, Eli Lilly, Pfizer and others.

The next international scientific congress, where the representatives of OncoMax are going to report the results of the conducted studies of OM-RCA-01, will be the Annual Conference of the American Society of Clinical Oncology (ASCO), that will be held in Chicago in June 1 – 5, 2012.

OncoMax addressed the 27th Annual Congress of the European Association of Urologists (EAU), that took place in Paris on February 24-28 with the results of its studies in the field of oncolological urological diseases.

OncoMax addressed the 27th Annual Congress of the European Association of Urologists (EAU), that took place in Paris on February 24-28 with the results of its studies in the field of oncolological urological diseases.

The results of efficacy studies for various dosages of medicine OM-RCA-01, monoclonal humanized antibody blocking the fibroblast growth factor receptor 1 (FGFR1), which was developed by OncoMax for treatment of renal cell carcinoma, were presented at the special meeting “Renal Tumour – Fundamental Studies”. The meeting was opened by such famous scientists as professor E. Oosterwijk (the Netherlands) and Dr. T. Klatte (Austria). In the review they highlighted 3 of the most interesting projects, and among them they mentioned the report made by the Scientific Director of OncoMax, I.V. Tsimafeyeu.

Dr. T. Klatte also mentioned that the target chosen by the Russian researchers is pathogenically significant: “Development of a medicine based on the anti-FGFR1 antibody which blocks the fundamentally new target on the renal carcinoma cells is very interesting and important”.

The report demonstrated that monoclonal antibody OM-RCA-01 selectively blocks the targeted receptor, which in its turn causes inhibition of tumour growth in the course of experiments using cell lines and laboratory animals. Moreover, demonstration of therapeutic activity of the antibody even in small concentrations arouse interest of Prof. E. Oosterwijk, as this is the peculiarity which differs the medicine from already existing ones, for example anti-VEGF(R) inhibitors which demonstrate dependence of its efficacy from dosage. The Chairmen of the meeting expressed hope that the development of monoclonal antibody OM-RCA-01 will be continued in the course of Phase I of clinical trials.

OncoMax, Ltd. (“OncoMax”), a portfolio company of Russia-based Maxwell Biotech Venture Fund founded with the participation of Russian Venture Company announced today that it will be presenting the results of development of its lead product OM-RCA-01 at two major upcoming conferences on oncology.

27th Annual EAU Congress

OncoMax, Ltd. (“OncoMax”), a portfolio company of Russia-based Maxwell Biotech Venture Fund founded with the participation of Russian Venture Company announced today that it will be presenting the results of development of its lead product OM-RCA-01 at two major upcoming conferences on oncology.

Just before the World Cancer Day announced by the International Union Against Cancer (UICC) and commemorated annually on February 4, OncoMax became the patent owner for its development, a humanized monoclonal antibody for treatment of renal cell carcinoma as well as for the antibody’s use as inhibitor of tumour growth and diagnostic means of malignant tumours.

Just before the World Cancer Day announced by the International Union Against Cancer (UICC) and commemorated annually on February 4, OncoMax became the patent owner for its development, a humanized monoclonal antibody for treatment of renal cell carcinoma as well as for the antibody’s use as inhibitor of tumour growth and diagnostic means of malignant tumours.

The received patent (no. 2440142, registered in the State Register of Invention of the Russian Federation on January 20, 2012) in a significant degree strengthens intellectual property protection of the company on the territory of the Russian Federation. From now on the company has the exceptional right for the developed medicine OM-RCA-01indicated for targeted therapy of kidney cancer.

Within the framework of intellectual property development, OncoMax has also received a positive decision on being granted another patent for invention related to the technology of product development, i.e. the way the fibroblast growth factor receptor is blocked in order to inhibit the tumour growth (the Eurasian Patent Office). International legal claims of the company got their development on the territory of the USA and Europe: the international patent claim submitted in 2009 was transferred to the national (regional) stages of pendency in the USA and European Union and at the moment is under expertise on correspondence with internal requirements of these territories.

OncoMax biotechnological company is the first project jointly invested by Maxwell Biotex Venture Fund, founded with the participation of RVC OJSC, and RVC Seed Fund. In April 2011 OncoMax became a resident of Biomedical cluster at Skolkovo Innovation Center, and at the end of 2011 its development was approved by the grant committee of Skolkovo Foundation, which permitted the company to attract additional funding in the amount of 30 mln. rubles.

Dmitry Popov, Managing Partner of Maxwell Biotech Venture Fund, says: “Successful development of intellectual property of OncoMax on the one hand confirms the unique character of the developed medicine and concept of tumour growth rate suppression, on the other hand it gives the company legal warranties of exclusive use of its invention, which significantly increases its cost”.

Alexey Teleshev, Director of RVC Seed Fund, says: “For investors competent protection of intellectual property, both in the Russian Federation, and globally, is one of really important issues in the development of the innovation company. At the pharmaceutical market the importance of opportune acquisition of patents increases by several times. OncoMax is one of the first projects which has attracted investments from RVC Seed Fund since it was founded. The project team is engaged in distinct and systematic research in the field of development of the company’s intellectual property, establishing its protection on the Russian and global pharmaceutical markets”.

Signing of the agreement on cooperation between the management company Maxwell Asset Management and Skolkovo Foundation for Development of the Center for Elaboration and Commercialization of New Technologies in May 2011 can be considered the official start of cooperation of Maxwell Biotech Venture Fund with Skolkovo. Within the framework of the announced cooperation 5 companies which received investments from the fund became residents of Skolkovo Innovation Center Biomedical Cluster, and now the first of them, OncoMax, has received approval of the grant committee.

Signing of the agreement on cooperation between the management company Maxwell Asset Management and Skolkovo Foundation for Development of the Center for Elaboration and Commercialization of New Technologies in May 2011 can be considered the official start of cooperation of Maxwell Biotech Venture Fund with Skolkovo. Within the framework of the announced cooperation 5 companies which received investments from the fund became residents of Skolkovo Innovation Center Biomedical Cluster, and now the first of them, OncoMax, has received approval of the grant committee.

Dmitry Popov,Managing Partner of Maxwell Biotech Venture Fund, is sure that cooperation with Skolkovo will continue in the future: “Last year we have started quite an effective interaction with the biomedical cluster and we hope that next year other portfolio companies of the fund will manage to attract grant financing. All our projects are directed at the solution of serious social, economic, and medical problems: treatment of oncologic and cardiovascular diseases, treatment of diabetes complications, treatment of dangerous infectious diseases. These diseases are the main mortality causes in the Russian Federation and all over the world, thus, it is very important that Skolkovo as one of development institutes provides additional support to the companies, which developments can improve the quality of life for millions of people”.

Alexey Teleshev, Director of RVC Seed Fund says: “OncoMax is a vivid example of synergy of efforts of Skolkovo Foundation and two venture funds, Maxwell Biotech and RVC Seed Fund, founded with the participation of RVC. It is very important when projects with global prospects are approved both by investors, and by the wide circle of world-renowned experts. And we already see that OncoMax project is exactly like this”.

Biotechnological company OncoMax, Ltd, which is the first project jointly invested by Maxwell Biotech Venture Fund and RVC Seed Fund, has successfully finished development and preclinical efficacy study of targeted medicine based on humanised monoclonal antibody, which blocks fibroblast growth factor receptor.

Biotechnological company OncoMax, Ltd, which is the first project jointly invested by Maxwell Biotech Venture Fund and RVC Seed Fund, has successfully finished development and preclinical efficacy study of targeted medicine based on humanised monoclonal antibody, which blocks fibroblast growth factor receptor. The study results have already been approved by expert commissions of several largest international conferences in this field and have been voiced in the lecture Mechanisms and Ways to Overcome Resistance to mTOR and VEGFR Inhibitors at the International Scientific Symposium on Achievements in Treatment of Renal Cell Carcinoma, which took place in Yekaterinburg on September 10. In the nearest future they will also be offered in the form of reports at the 11th International Kidney Cancer Symposium (Chicago, October 2011) and at the 4th European Multidisciplinary Meeting on Urological Cancers (Barcelona, November 2011).

OncoMax, Ltd is a Russian innovation company included in Maxwell Biotech Group Biotechnological Holding and Biomedical Cluster of Skolkovo Innovation Center. The main activity of OncoMax is directed at development and bringing innovative biopharmaceutical medicines for diagnostics and treatment of oncological diseases to the Russian market. The first medicinal product of the company, named ОМ-RCA-01, is indicated for targeted therapy of renal cancer and has been granted with numerous Russian and foreign awards.

The results of studies on cell models (in vitro) received in August 2011 demonstrate that humanised monoclonal antibody ОМ-RCA-01 blocks fibroblast growth factor receptor, inhibiting growth of tumour cells of renal cell carcinoma. Studies carried out on animal models (in vivo) also demonstrate tumour growth inhibition when using the medicine. In the course of experiments statistically reliable differences in the tumour volume and survival indices were achieved between test animal groups and control groups. Thus, efficacy of humanised monoclonal antibody ОМ-RCA-01 was proved on cell and animal models, it persistently blocks the specific target at the tumour cell, inhibiting tumour development mechanisms. Further studies should evaluate the toxicity of the received monoclonal antibody in animals, and clinical studies of Phases I and II will evaluate preliminary efficacy and toxicity of humanised antibody in human.

Biotechnological company OncoMax, the first project, jointly financed by Maxwell Biotech Venture Fund and RVC Seed Fund, has acquired the status of a participant of the Center for Elaboration and Commercialization of New Technologies of the Skolkovo Foundation. This decision was made at the meeting of the Expert Collegium of the Foundation, which took place in mid April.

Biotechnological company OncoMax, the first project, jointly financed by Maxwell Biotech Venture Fund and RVC Seed Fund, has acquired the status of a participant of the Center for Elaboration and Commercialization of New Technologies of the Skolkovo Foundation. This decision was made at the meeting of the Expert Collegium of the Foundation, which took place in mid April.

OncoMax, Ltd is a Russian innovation company included in Maxwell Biotech Group Biotechnological Holding. The main activity of OncoMax is directed at the development and introduction the Russian market of the innovative biopharmaceutical medicines for diagnostics and treatment of oncological diseases. The project of OncoMax has won many Russian and foreign awards, such as AACR-AstraZeneca Award, ‘For the best Russian innovation project in medicine among young scientists’ and the ‘Golden Hundred of the Zvorykino Project’.

According to Dmitry Popov, Managing Partner of Maxwell Biotech Group, "the acquisition of the status of a company-resident of Skolkovo by OncoMax confirms a serious scientific and technological basis and high marketing potential of the drug developed by the company. It is also encouraging that OncoMax is a project, based on the results of the work of a team of young Russian scientists. We are optimistic about the future cooperation of our portfolio companies and Skolkovo Foundation."

“We see in practice the evidence of synergy between Skolkovo and RVC represented by the Seed Fund, when projects with global prospects find the approval of both investors and the widest range of international experts. We see that one of the key objectives of the fund’s work is the further integration with Skolkovo Foundation”, - Alexey Teleshev, director of RVC Seed Fund, noted.

The first product of the company, ОМ-RCA-01, is intended for a target therapy of the renal cell carcinoma and in the future this drug can be also used for treating lung cancer. The drug purposefully blocks a specific target on a tumour cell, thus affecting the mechanisms of tumor development and resistance. The drug can be prescribed both as first-line treatment and in case of inefficiency of other types of therapy in the second and subsequent lines.

In November 2010, the company successfully completed a stage of the humanization of the projected drug. The obtained antibody showed high specificity and affinity to the target antigen (both used during the immunization and commercial), and at the same time these indicators were higher than those of the most commercially successful target drug for the treatment of oncologic diseases such as Avastin (Bevacizumab). Currently the drug is undergoing the stage of pre-clinical trials.

In 2010, the RVC Seed Fund, qualified to invest in projects at early stages, concluded 20 transactions (in general in 2010 RVC invested money in venture projects in the amount of 2.7 billion rubles in the portfolio of 58 companies). Who are the happy receivers of the money?

In 2010, the RVC Seed Fund, qualified to invest in projects at early stages, concluded 20 transactions (in general in 2010 RVC invested money in venture projects in the amount of 2.7 billion rubles in the portfolio of 58 companies). Who are the happy receivers of the money?

One of the projects, financed by RVC, is the development of a drug for treatment of renal cell carcinoma, which is implemented by a young scientist Ilya Tsimafeyeu. RVC does not work directly with start-ups, their choice is carried out by venture funds, who are partners of the corporation. “A venture partner is a kind of promoter, who gathers a team of innovators and scientists, attracts private investments and then proposes a project for financing by RVC”, - Alexey Teleshev, director of RVC Seed Fund, says. In the transaction with Tsimafeyeu such a promoter was Maxwell Biotech Venture Fund, that specializes in the investments into medical projects.

Tsimafeyeu notes that it took no longer than half a year from the moment of the application submission to the first money. At the same time the major part of the paper work was done by Maxwell specialists. The scientist himself has never even visited RVC.

According to Tsimafeyeu, it is not difficult to find the investment partner of the Seed Fund. As of today, there are 73 organizations in the list of partners. It is possible to submit an application to any venture fund directly through the Internet. “The main thing is knowing, where to go. - Ilya warns, - It is extremely important to appeal to a specialized fund. In case of a mistake it may happen so that you will lose a great deal of time but will not manage to find experts of the required level”.

After the submission and approval of the application the most long-term and complex process called due-diligence begins. Due-diligence is a complete legal, financial, marketing and scientific-technical expertise of the project. It also includes drawing a business-plan, including market analysis and evaluation of risk and financial potential. It is important that the expertise is free for the author as the expenses are the responsibility of the venture partner.

This work resulted in the investment memorandum, which should be presented and approved at the investment committee first in the partner fund and then in Seed Fund itself. Only after that the author can get the investments.

Tsimafeyeu’s application for investment was approved in June and the first investment tranche in the amount of 15 million rubles has already been given: Maxwell and RVC Seed Fund divided the expenses equally. “The fact that the RVC undertook a greater number of risks enabled us to enter the project at a very early stage of its development”, - Dmitry Popov says. – “Seed Fund can invest up to 25 million rubles in one project. - Evgeny Kuznetsov explains. – The money of the fund and partner are mixed only at the level of a certain transaction and the maximum percentage of Seed Fund participation is 75%”.

“One of the advantages of work with RVC Seed Fund is absolute transparency of the decision making process. – Ilya Tsimafeyeu says. – As an author, I could participate in the elaboration of the investment agreement and knew about the results of all the conducted expertise activities”. Now Tsimafeyeu in cooperation with OncoMax, a subsidiary company of Maxwell, completed the trials on the evaluation of the properties of antibody (the drug is based on an antibody) and proceeded with the next round of the preclinical studies. All the laboratories, where the studies are carried out, were chosen with the active participation of Maxwell Biotech and RVC.

“RVC continuously monitors the implementation of the project. – Tsimafeyeu says. – We report them about the results of all the stages of the trials”. Tsimafeyeu himself does not do any paper work. “I am responsible only for the scientific part of the project and my reporting forms include the description of materials, methods and results of the studies. – Ilya says. – All the other reporting materials on the project are within the responsibility of the employees of Maxwell Biotech and OncoMax”.

Here are 5 advices for those, who lay a claim on the money of RVC Seed Fund.

1. Thoroughness of the application

“Special attention should be paid to the documentation, connected with the submitted application. – Elena Alexeevna, director for investments of Softline, a venture partner of RVC Seed Fund, advises. – The list of documents, required for submitting the application, is quite large (two dozens — Forbes) and the preparation of these documents takes about a month on average. At the same time it is important to pay attention to the advices of the fund experts in making business-plans and preparing documentation”…

2. Presentation abilities of the team

When making a decision, we pay special attention not only to the innovative attraction of the project but also to the developers team. It is important to evaluate the potential of the team immediately: If it is able to implement this project and complete it. - Alexey Teleshev says. – Of course the way the project is presented is also important for us. A proper business-plan and good presentation is a kind of homework, which should be done by the team of the project in cooperation with the venture partner of the fund. We are also interested in the presentational abilities of the team as it should be able to present its project not only to us but also to the investors of the later stages”.

3. Variants of financial exit

According to Dmitry Popov, managing Partner of Maxwell Biotech Fund, the following measures can increase your chance of the attraction of investments from RVC: Detailed description of the innovative potential of the products, its market potential, description of the intellectual property protection strategy, proper presentation of the financial and calendar plan of development and the most important thing is preliminary determination of the variants of the financial exit.

4. Transparent distribution of funds

The main task of the venture partner is to prove the experts of the Seed Fund the relevance of investment and to explain the mechanisms of the budget distribution. “In my opinion, one of the main mistakes of the applicants is the insufficient transparency of the distribution of funds in the innovation company. – Elena Alexeevna says. – RVC is not a business angel and due to the insufficient understanding of the scheme of investments use they can refuse to finance the project. Therefore it is necessary to pay a special attention to making a proper business plan for RVC”.

5. True expectations

Alexey Teleshev, director of RVC Seed Fund, says that a typical mistakes of those who appeal to RVC for investments, is gigantomania: “All the projects are focused on very large prospects. But we make seed investments: For launching business, for preparation and understanding of the market, for the development of a prototype or the first trial model”.

﻿When a scientist or an inventor achieves the first encouraging results and makes a decision to establish a company on the basis of these results, there is no business itself on this stage. Where is it possible to find money for the further research work, if technological, economic and patents risks are so high? Those scientist, who work in the sphere of digital technologies, at an early stage are looking for the support of small private investors, who are called business angels. In biotechnological projects small angel investments are usually not enough and a businessman has to seek for a support of the special funds of early stages financing or the so-called seed funds. Their portfolio consists of risky projects, which are focused on breakthrough directions with high commercial potential. Successful investments in one or two rapidly growing companies can make the whole portfolio profitable.

Participants of the program:

Andrey Gudkov, founder and scientific director of the Cleveland BioLabs biotechnological company

Alexey Konov, director of investments of the Bioporcess venture fund

Ilya Tsimafeyeu, scientific adviser of OncoMax

Dmitry Popov, managing partner of Maxwell Biotech Venture Fund

Vladimir Yakushev, chief of the office of the S-Group Capital Management venture fund

On June 3, at the meeting of the investment committee of RVC Seed Fund two projects were considered. These projects included the Cardiomarker system of early diagnostics of the myocardial infraction, developed by Obninsk Pharmaceutical Company, and drug for treatment of renal cell carcinoma, developed by OncoMax. These are the first projects, that will be financed by RVC Seed Fund since the moment of its establishment at the end of last year. The proportion of the state and private investments in the companies’ capital is 25% and 75%, respectively.

On June 3, at the meeting of the investment committee of RVC Seed Fund two projects were considered. These projects included the Cardiomarker system of early diagnostics of the myocardial infraction, developed by Obninsk Pharmaceutical Company, and drug for treatment of renal cell carcinoma, developed by OncoMax. These are the first projects, that will be financed by RVC Seed Fund since the moment of its establishment at the end of last year. The proportion of the state and private investments in the companies’ capital is 25% and 75%, respectively.

The project of OncoMax Ltd aimed at the development of a drug for treatment of renal cell carcinoma. The drug has already undergone tests on rats and a new stage of preclinical development (humanization) is about to take place. In the course of this stage the drug will be adjusted for humans. It is the continuation of the preclinical development that will be financed by the seed fund (about 15 million of rubles, including the money of RVC Seed Fund). The drug should be considerably cheaper than its foreign analogues, which in the case of all the trials success will enable it to successfully compete with the drugs produced by the leading companies in the global market. The project is a winner of the Zvorykino Project.

At the meeting the members of the investment committee made a decision to approve the investments of the Fund into OncoMax project and in accordance with this decision the Fund will present transaction documents and make investments. This project has been prepared for consideration by the investment committee of RVC Seed Fund by its venture partner Maxwell Asset Management, that will also take part in the capital of the company represented by them.

Both projects are supposed to receive stage-by-stage investments in tranches, issued depending on the achievement of certain mile stones of the projects and implementation of the agreement’s terms and conditions. The first tranche can be issued to the companies in mid July after the implementation of a number of the requirements of the investment committee and legalizing the agreements.

“Currently RVC Seed Fund cooperates with 44 venture companies, half of them are regional companies. Today we have seen the first results of such cooperation. I hope that in the near future the portfolio of RVC Seed Fund will include new innovation projects as well”, - Alexey Teleshev, director of RVC Seed Fund, noted.

Igor Agamirzyan, CEO of Russian Venture Company, in his turn, added that despite the expectations, he was glad to see not Internet start-ups but biotechnological projects among the first projects of RVC Seed Fund.

“The key task, that should be accomplished by the fund in the near future, is to show to all the participants of the market the efficiency of the venture business model and availability of investments for technological businessmen. There have never been any similar instruments in Russia before and the venture business makes its first steps in the country. Now RVC Seed Fund works in very close cooperation with the venture partners, rendering expert support and assistance in the structuring of transactions and combining these activities with a thorough selection of projects and their expertise”, – Andrey Vvedensky, director of the department of programmes and projects of RVC, commented on the activities of RVC Seed Fund.